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In May 2015, the average cost of cooking one standard portion of Imeretian khachapuri reached 2.88 GEL - a 2.7% decrease month-on-month (compared to April 2015). In annual terms (compared to May 2014), however, the index added 1%.
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In April, the average cost of cooking one standard Imeretian khachapuri fell to 2.96 GEL, which is 3.2% lower month-on-month (m/m, that is compared to March 2015), and 11.4% lower year-on-year (y/y, that is compared to April 2014). The main contributors to y/y Khachapuri Index deflation were cheese (down 22.3%) and eggs (2.5%). Not incidentally, both Imeretian cheese and eggs are produced in Georgia.
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ISET’s Khachapuri Index kept declining in April, very much in line with the multi-year seasonal trend (see chart). The average cost of cooking one standard Imeretian Khachapuri currently stands at 2.96 GEL, which is 3.2% lower month-on-month (m/m, that is compared to March 2015), and 11.4% lower year-on-year (y/y, that is compared to April 2014).
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The average cost of cooking one standard Imeretian Khachapuri in March 2014 was 3.06 GEL, which is 7% lower month-on-month (m/m, that is compared to the previous month), and 3.1 year-on-year (y/y, that is compared to the same month of last year). For foreign currency earners, Khachapuri became even cheaper due to the depreciation of Georgian currency against USD and Euro.
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If we take a more detailed look at the prices of Kh-Index ingredients (see graph), the main contributors to y/y Khachapuri index deflation in March were cheese (-12%) and eggs (-1%). All other ingredients increased in price: flour (11%), yeast (21%), butter (6%), and milk (12%). As can be easily seen, prices fell y/y for locally-produced goods (eggs and cheese, made of fresh milk); prices went up y/y for goods that are imported (yeast and butter) or use imported intermediate inputs in their production (flour and milk).